Know Your Customer (KYC)

Know your Customer(KYC)

Complying with Know Your Customer (KYC) rules and regulations no longer needs to be a burden to your financial institution. ISSL has developed a KYC product that adheres to global industry standards and best practices, yet can be tailored to suit regional regulatory requirements. The application is quick to install, easy to use and will allow you to focus on your core business activity, rather than on risk exposure.

Our KYC product can be adapted for all of your client types, from your low-value and medium-value account holders who need a more flexible approach to KYC, to your riskier clients who require a full and ongoing vetting process.

Avoid Security Failure

There are a number of features to KYC that you need to consider when selecting the right solution for you. While we recommend you implement the full suite of our KYC toolkit, your particular business might benefit from some of the features more than others. We can work with you to identify those that are most relevant to your business’s risk profile.
Initial KYC due diligence will include:

Customer ID and address verification

Identifying high-risk customers (such as those more likely to engage in money laundering, terrorism and identity theft)

Identifying “Politically Exposed Persons” (PEPs)

For customers you do accept, ongoing KYC due diligence will include:

Monitoring customer transactions

Regular review of customers’ details, policies and new relationships

Minimize Your Compliance Cost

ISSL’s KYC product is a low-cost, high value solution to your risk exposure. You can start using our toolkit immediately, selecting a certain number of features that are most relevant to your business, and then adding others when and if you need them. Using the right KYC solution now will mean less risk to costly fines and reputation damage in the future.